Weekly Corn, Soybean and Wheat Sales Below Expectations

January 6, 2012 01:53 AM
 

The Weekly Export Sales Report for the week ended Dec. 29, reflected the holidays trimmed export sales even more so than expected. Soymeal was the only category to exceed expectations while soyoil was the only product to meet expectations. Cotton sales also reflected poor demand with a net export sales reduction.

 

USDA Weekly Export Sales Report
Week Ended Dec. 29, 2011

Corn

Actual Sales (in metric tons -- MT)

Combined: 306,000 MT
2011-12: 299,500MT
2012-13: 6,500 MT

Trade Expectations

350,000 to 550,000 MT

Weekly Sales Details

Net sales of 299,500 MT for the 2011-12 marketing year resulted as increases for China (184,200 MT, including 180,000 MT switched from unknown destinations and decreases of 2,800 MT), Mexico (128,200 MT, including 67,400 MT switched from unknown destinations and decreases of 11,000 MT), Japan (97,100 MT, including 22,500 MT switched from unknown destination and decreases of 1,400 MT), Egypt (20,000 MT), Panama (12,800 MT), and the French West Indies (6,500 MT), were partially offset by decreases for unknown destinations (137,400 MT), Vietnam (10,000 MT), and Costa Rica (5,400 MT). Net sales of 6,500 MT for delivery in 2012/2013 were reported for Japan (4,600 MT) and Canada (1,900 MT). Options exercised to export the commodity from other than the United States were for Mexico (30,000 MT).

Weekly Export Details

Exports of 576,200 MT were down 39 percent from the previous week and 45 percent from the prior 4-week average. The primary destinations were to China (182,700 MT), Japan (156,700 MT), Mexico (149,400 MT), Panama (30,900 MT), Taiwan (24,900 MT), and Morocco (14,300 MT).

Comments and Performance Indicators

Sales were below expectations. Export commitments are 6% below year ago, compared to 6% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 168,100 MT
2011-12: 138,600MT
2012-13: 29,500 MT
Trade Expectations
300,000 to 450,000 MT
Weekly Sales Details
Net sales of 138,600 MT — a marketing-year low — for the 2011-12 marketing year were down 68 percent from the previous week and 64 percent from the prior 4-week average. Increases were primarily for Japan (84,900 MT), Mexico (33,500 MT, including 30,000 MT switched from unknown destinations and decreases of 9,300 MT), Israel (26,400 MT), Singapore (25,000 MT), and the Philippines (19,700 MT, including 18,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (48,000 MT), Colombia (16,000 MT), and Venezuela (7,500 MT). Net sales of 29,500 MT for delivery in 2012-13 were reported for Colombia (16,800 MT) and Mexico (12,700 MT).
Weekly Export Details
Exports of 425,800 MT were up 3 percent from the previous week, but down 5 percent from the prior 4-week average. The primary destinations were to Mexico (118,400 MT), Japan (89,200 MT), Nigeria (55,000 MT), South Korea (51,700 MT), and the Philippines (36,200 MT).
Comments and Performance Indicators
Sales were well below trade expectations. Export commitments are 24% behind year-ago, compared to 23% behind last week. USDA projects exports in 2011-12 to be 28.2% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

2011-12: 281,300 MT

Trade Expectations
400,000 to 550,000 MT
Weekly Sales Details
Net sales of 281,300 MT for the 2011-12 marketing year were down 58 percent from the previous week and 56 percent from the prior 4-week average. Increases were primarily for China (136,500 MT, including 115,000 MT switched from unknown destinations and decreases of 126,900 MT), Mexico (118,300 MT), Japan (57,000 MT, including 27,000 MT switched from unknown destinations and decreases of 300 MT), Indonesia (36,500 MT), Egypt (27,000 MT), and Cuba (24,000 MT). Options exercised to export the commodity from other than the United States were for China (60,000 MT).
Weekly Export Details
Exports of 1,027,700 MT were reported primarily to China (825,500 MT), Japan (67,000 MT), Indonesia (33,200 MT), Taiwan (30,100 MT), Canada (21,700 MT), and Mexico (21,200 MT).
Comments and Performance Indicators

Sales were well below expectations. Export commitments are running 32% behind year-ago, which compares to 32% behind last week. USDA projects exports in 2011-12 to be 13.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2011-12: 144,400 MT

Trade Expectations
50,000 to 125,000 MT
Weekly Sales Details
Net sales of 144,400 MT for the 2011-12 marketing year resulted as increases for Egypt (43,000 MT), the Philippines (30,800 MT), the United Kingdom (26,000 MT, including 25,000 MT switched from unknown destinations), unknown destinations (17,000 MT), and the Dominican Republic (14,100 MT). Decreases were reported for El Salvador (1,800 MT), Turkey (1,000 MT), and Trinidad (200 MT).
Weekly Export Details
Exports of 101,100 MT were primarily reported to the United Kingdom (26,000 MT), Canada (23,400 MT), Morocco (16,600 MT), Mexico (9,000 MT), the Philippines (8,000 MT), and Panama (7,500 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 14% behind year-ago, compared to 16% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 7,300 MT

Trade Expectations
5,000 to 10,000 MT
Weekly Sales Details
Net sales of 7,300 MT for delivery in 2011-12 marketing year resulted as increases for Taiwan (6,000 MT), Mexico (1,700 MT), and Panama (100 MT), were partially offset by decreases for Canada (700 MT).
Weekly Export Details
Exports of 12,000 MT were reported to Morocco (9,700 MT), Mexico (1,500 MT), Canada (600 MT), and the Dominican Republic (200 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are 82% below year-ago, compared to 83% below last week. USDA projects exports in 2011-12 to be 53.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined:-6,400 RB
2011-12: -9,500 RB
2012-13:
3,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 9,500 running bales for the 2011-12 marketing year resulted as increases for Turkey (9,100 RB), Hong Kong (3,500 RB, including 500 RB switched from Japan), Vietnam (500 RB, including 200 RB switched from Japan), and Indonesia (300 RB, switched from Japan) were more than offset by decreases for Japan (8,200 RB), Peru (3,600 RB), South Korea (3,500 RB), Thailand (3,100 RB), and China (2,800 RB). Net sales of 3,100 RB for delivery in 2012-13 were reported for China.
Weekly Export Details
Exports of 149,200 RB were down 22 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were China (54,300 RB), Turkey (44,600 RB), South Korea (10,500 RB), Indonesia (7,500 RB), Peru (5,500 RB), and Malaysia (4,800 RB).
Comments and Performance Indicators
Export commitments are 27% behind year-ago compared to 27% behind last week. USDA projects exports in 2011-12 to be 21.4% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 5,900 MT
2011: 1,700 MT
2012:
4,200 MT

Weekly Sales Details
Net sales of 1,700 MT — a marketing-year low — for delivery in 2011 were primarily for Mexico (600 MT), Japan (500 MT), South Korea (500 MT), Canada (300 MT), and Russia (200 MT). Decreases were reported for Hong Kong (400 MT) and Vietnam (300 MT). Net sales of 4,200 MT for delivery in 2012 were primarily for Mexico (1,100 MT), Canada (500 MT), Hong Kong (500 MT), and South Korea (500 MT).
Weekly Export Details
Exports of 12,400 MT were reported mainly to South Korea (2,700 MT), Mexico (2,200 MT), Japan (1,500 MT), Canada (1,500 MT), and Vietnam (1,400 MT).
Comments and Performance Indicators
Exports compare to 13,700 MT last week. USDA projects exports in 2012 to be 20.3% above last year's total.

Link to USDA report.

 


 

 

 

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